June 16, 2020

What are Major Factors Fuelling Progress of Global Specialty Chemicals Market?

Due to the soaring middle-class population in various developing nations such as India, Brazil, and China and the increasing disposable income of the people, the demand for agriculture, food, elec-tronics, textile, cosmetics, and various other products is rapidly rising across the globe and this is consequently boosting the requirement of specialty chemicals in many end-use industries. For in-stance, the ‘Make in India’ initiative launched in India in 2014 has tremendously boosted the growth of the chemicals sector in the country, which has in turn, propelled the demand for spe-cialty chemicals in the country.

Powered by the above-mentioned factors, the revenue attained from the worldwide sales of specialty chemicals is expected to rise from $582.3 billion to $782.2 billion from 2017 to 2023. The global specialty chemicals market is expected to advance at a CAGR of 5.1% during the forecast period (2018—2023). The most commonly used types of specialty chemicals are agrochemicals, specialty coatings, construction chemicals, surfactants, electronic chemicals, polymer additives, food additives, cleaning chemicals, plastic additives, adhesive and sealants, paper & textile chemicals, and lubricant and oilfield chemicals. Amongst these, the agrochemicals recorded the highest demand in 2017.

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Specialty chemicals play a major role in the production of environment-friendly and biodegradable products. Many eco-friendly and green chemicals such as 1-nonacosanol, 1-heptacosanol, and 1-Arabinose are being increasingly developed for reducing the negative impact of the chemicals on the environment. These chemicals are used in several applications such as the development of fabrics that require less water for washing, chemical additives that play an important role in improving the physical characteristics of products, and paints having lower quantities of volatile organic component (VOC).

APAC was the largest market for specialty chemicals during the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the increasing demand of specialty chemicals in the region to fulfil the growing demand from end use industries.

Besides, APAC is expected to witness the fastest growth during the forecasted period, mainly on account of increasing demand for residential, and commercial buildings coupled with growing urban population is accelerating the growth of construction chemicals in the region.

Some of the key players operating in the specialty chemicals are Ashland Global Holdings Inc., DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., China Petrochemical Corporation, Saudi Basic Industries Corporation (SABIC), and Mitsubishi Chemical Corporation.